ECONOMIC IMPACTS OF THE
OKLAHOMA CAPITAL INVESTMENT BOARD’S
VENTURE INVESTMENT PROGRAM AND
OKLAHOMA CAPITAL ACCESS PROGRAM
PREPARED BY:
APPLIED ECONOMICS
11209 N. TATUM BLVD, SUITE 225
PHOENIX, AZ 85028
AUGUST 2011
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1.0 INTRODUCTION
Applied Economics has been retained on behalf of the Oklahoma Capital Investment Board (OCIB or
Board) to prepare an updated economic impact statement of their venture investment and capital access
programs on the State of Oklahoma from 1992 through June 2011. Applied Economics is an economic
consulting firm, based in Phoenix, Arizona, specializing in economic development, economic and fiscal
impact assessment, socioeconomic modeling, urban planning and custom software applications. Applied
Economics conducts studies and develops models to measure the impacts of a wide variety of activities.
These activities can include development land use and policy changes, business-driven economic impacts,
and program-driven economic and fiscal impacts.
This analysis is intended to quantify the contributions of the companies assisted by OCIB to the
Oklahoma economy. The impacts stem from two programs – the Venture Investment Program and the
Capital Access Program. In addition the analysis includes a summary of the impacts of the NBA Hornets
who played in Oklahoma City following Hurricane Katrina and received a $10 million revenue guarantee
through an investment syndicate which included OCIB, the City of Oklahoma City and a group of private
investors.
Through its Venture Investment Program, OCIB supports investments in private, professionally managed
venture capital firms that have committed to building a significant presence within Oklahoma and have a
history of producing solid returns for their investors. In addition to supporting local businesses through
venture capital, the impacts of supported local jobs at the Oklahoma-based investment management firms
are also included in the impact analysis.
The OCIB Capital Access Program provides banks a form of portfolio guarantee, allowing them to stretch
their loan capabilities and offer more loans to small businesses in Oklahoma. Both businesses and
financial institutions in Oklahoma benefit from the higher volume of small business loans created through
the capital access program. Loans generally range in size from $1,000 to $700,000 and are used by a
wide variety of businesses.
Since 1992, OCIB has assisted 31 Oklahoma companies and 9 Oklahoma based investment firms through
its venture investment program and 908 companies through its capital access program. These companies
range in size from 1 or 2 employees to over 400 employees, although the vast majority are smaller firms.
They also represent a broad spectrum of different industries.
The impact represented here shows a year-by-year snapshot of the companies assisted in each year. In the
case of the venture investment program, most companies reported Oklahoma payroll and employment
numbers for multiple years and are therefore included in totals for each of the reported years. However,
once a company was no longer active in Oklahoma, they were no longer included in the impacts.
The venture investment program includes venture fund investments in 31 Oklahoma based companies
between 1993 and 2011 as well as 9 locally-based venture firms. In total, they account for $271.6 million
in payroll and over 1,540 employees over this time period.1 These 31 companies as a group received
more than $138.0 million in venture capital funding through OCIB over the nineteen year period.
The capital access program includes data on 438 of the 908 companies that participated between 1992 and
2011. This includes companies that were willing to provide information on their industry type and the
number of new jobs they created. For this program, the impact analysis is based on new jobs created
1 Employee count based on peak employment of each firm during the time period they reported employment and
payroll.
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during their initial year of participation in the program, rather than total jobs. The 908 companies as a
group received approximately $46.9 million in loans between 1992 and 2011. In this respect, the analysis
provides a very conservative estimate of the cumulative impacts given that only 438 of the 908 Oklahoma
companies were considered in the analysis. In addition, their impact was only considered for a one-year
period even though most of the companies likely operated for multiple years in Oklahoma.
In addition to their regular programs, this analysis also includes information about a revenue guarantee
provided by OCIB to the NBA Hornets. Due to the devastation caused by Hurricane Katrina in New
Orleans in September 2005, Oklahoma City was approached by the New Orleans Hornets and the
National Basketball Association (NBA) to play their 2005-06 season at the Ford Center in Oklahoma
City. To assist in this effort, OCIB participated in a $10 million revenue guarantee put in place to recruit
the team to Oklahoma.
The information and observations contained in this report are based on our present knowledge of the
components of development, and of the current physical, socioeconomic and fiscal conditions of the
affected areas. All company-specific data was provided by OCIB. Estimates made in this analysis are
based on hypothetical assumptions and the current economic structure of the region. However, even if the
assumptions outlined in this report were to occur, there will usually be differences between the estimates
and the actual results because events and circumstances frequently do not occur as expected. This
analysis is based on the best available information and is intended to aid the Oklahoma Capital
Investment Board in demonstrating its impact to the state. In no way will Applied Economics be held
responsible or have any liability or be subject to damages as a result of this analysis. This report may be
used only for the purposes that it was intended.
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2.0 SUMMARY OF RESULTS
The Oklahoma Capital Investment Board provides access to a unique set of financial resources for
companies looking to develop or expand in Oklahoma. These companies in turn provide on-going
economic benefits to the state. These positive impacts include the following:
Economic Impacts
􀂃 OCIB has had a total economic impact of $1.5 billion on the Oklahoma economy over the past 19
years as a result of the venture capital and capital access programs, supported local venture
investment firms and the NBA Hornets revenue guarantee. These programs assisted close to 940
companies during this time period. Data for the past 10 years only is included in the Appendix.
􀂃 The largest component of the impact is from the venture investment program. The 31 Oklahoma
companies that received capital from Board-supported funds provided over 10,400 job-years over the
multi-year period, (or an average of 550 jobs per year) and a total of $234.8 million in payroll. In
addition, the venture investment program supported 9 venture firms that were headquartered in
Oklahoma.
􀂃 As a result of the multiplier effect, the total impact of the companies in the venture investment
program on the State of Oklahoma is estimated at $1.2 billion in increased economic activity, 16,000
jobs, (or an average of 844 jobs per year) and $382.7 million in payroll. This includes jobs and
payroll at participating companies, as well as jobs and payroll at other local businesses.
• The nine Oklahoma-based venture firms supported by the venture investment program employed an
average of 15 people per year since 1993. They have created an economic impact of $68.1 million
over the past 19 years, directly and indirectly supporting $26.5 million in total payroll and 530 total
jobs (or an average of 28 jobs per year).
􀂃 The capital access program has assisted 908 small and medium sized companies since its inception in
1992. Of these 908 companies, 438 provided enough information to calculate impacts. These 438
companies created about 1,460 new jobs and $43.7 million in payroll.
• The total economic impact of the capital access program, including additional supported jobs and
payroll at other local businesses, was $232.8 million in increased economic activity, over 2,500 jobs
and $77.7 million in payroll.
• Along with these impacts from developing and expanding Oklahoma companies, OCIB also provided
1/3 of a $10 million revenue guarantee put in place to recruit the NBA Hornets to Oklahoma for their
2005/06 season. The Hornets organization employed about 100 people (players and front office) with
a total payroll of $60 million, of which an estimated 10 percent was spent in Oklahoma. In addition,
they supported $45.6 million in direct game spending by patrons. The payroll and game spending
combined resulted in an annual economic impact of $71.0 million.2
2 City of Oklahoma City.
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Revenue Impacts
􀂃 In addition to supporting jobs and economic activity, the companies in the capital access and venture
investment programs also generated significant state tax revenues over the past 19 years. The
participating companies themselves generate sales taxes and corporate income taxes in Oklahoma that
are not quantified in this analysis. In addition, they generate revenues through their employees.
Household spending by employees of participating companies and other supported local businesses
has generated an estimated $7.1 million in state sales tax revenues since 1992. Directly and indirectly
supported employees also generated an estimated $17.0 million in state personal income taxes over
the life of the program.
Performance Metrics
• Since its inception, the OCIB program has supported approximately 3,005 new jobs through the
Venture Investment and Capital Access Programs combined. The cost of the program to the state to
date is estimated at $27.5 million. Therefore, the average cost per direct job is $9,156. If the indirect
jobs created through local multiplier effects are included, the average cost per job drops to $6,233. It
should be noted that the average cost per job would be significantly reduced if retained jobs were
included within the analysis. Electing to be conservative, only new job creation has been included.
New Jobs Created Direct Jobs Avg Wage Total Jobs Avg Wage
Venture Investment Program1 1,544 $24,055 1,868 $24,695
Capital Access Program 1,461 $29,945 2,547 $30,496
Total Cost of OCIB Program to State $27,515,000
Average Cost per Job Created $9,156 $6,233
Value of New Revenue to State per Job2 $4,779 $5,454
1Includes jobs at venture firms and peak employment at all participating companies over the life of the program.
2Includes state personal income and sales tax generated by employees at participating companies.
PERFORMANCE METRICS FOR OCIB PROGRAM
1992 to 2011
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VENTURE INVESTMENT PROGRAM
Venture Fund Investments
Total Investment $138,025,974
Number of Participating Companies 31
Payroll (1993 - 2011) $234,779,076
Total Employment* 10,408
Average Annual Employment 578
Average Wage per Job $22,558
Economic Impacts (1993 - 2011)
Total Output $1,161,407,405
Total Payroll $382,727,777
Total Jobs (in Job-Years)* 16,039
Venture Investment Firms
Local Firms 9
Average Employment 15
Economic Impacts (1993 - 2011)
Total Output $68,098,626
Total Payroll $26,454,718
Average Total Jobs 28
CAPITAL ACCESS PROGRAM
Total Loans $46,858,781
Number of Participating Companies** 908
Estimated Payroll (1992 - 2011) $43,749,040
New Employment** 1,461
Average Wage per Job $29,945
Economic Impacts (1992 - 2011)
Total Output $232,836,519
Total Payroll $77,663,796
Total Jobs 2,547
NBA HORNETS
Total Loan Guarantee $10,000,000
Estimated Payroll Spent in Oklahoma (2005-2006)*** $6,000,000
Average Wage per Job $600,000
Direct Game Spending (38 games) $45,568,384
Economic Impacts (2005-2006)
Total Output $71,011,462
Total Payroll $25,443,000
Total Jobs 229
***Assumes 10 percent of total payroll spent in Oklahoma.
SUMMARY OF RESULTS
*Represents total employment in job-years, an average of 774 per year
over the multi-year period. Jobs at individual firms may be included
multiple times if the company maintained operations in Oklahoma for
**Only 438 of the 908 companies submitted sufficient information to be
included in the impact. Employment number shown here is estimated
total for those 438 companies.
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3.0 ECONOMIC IMPACTS
The economic benefits resulting from OCIB’s programs include combined impacts of all companies
assisted by OCIB since 1992. Economic impacts measure the effects of economic stimuli or expenditures
in the local economy. These impacts include direct and indirect jobs, personal income, and economic
activity or output that are generated by these companies. Indirect impacts are the result of the multiplier
effect and capture supported supplier and consumer businesses and their employees in Oklahoma that
benefit from local purchases made by these companies and their employees.
Venture Investment Program
Venture Fund Investments
The venture investment program was initiated in 1993. Since that time, 31 companies have received
funding. All total, OCIB has provided these companies with access to over $138.0 million in venture
capital funding over the past 18 years. The companies range in size from 1 employee to over 400
employees. A list of the types of industries and associated employment and payroll for participating
companies is shown in Figure 1.
Venture Investment Firms
The program also supported 9 venture firms that were headquartered in Oklahoma. These firms were
employed an average of 15 investment professionals and support staff. Employment and payroll numbers
for these firms are in addition to the venture investment program impact totals.
Industry Type Employment Payroll
Advertising 130 $3,486,000
Construction & management services 212 $12,794,000
Communication services 73 $12,018,000
Transformers 56 $9,461,000
Custom programming/software/CAD/design 274 $52,165,188
Service company 403 $85,060,000
Health care 159 $30,044,389
Costume jewelry 93 $3,391,000
Photo laboratories 60 $6,800,000
Instruments 17 $2,472,000
Electronic equipment 25 $6,854,500
Financial services* 15 $15,935,761
Biological products/research/medical devices 27 $10,474,000
* Payroll for venture firms estimated based on average occupational wages for
Oklahoma from the Oklahoma Employment Security Commission.
AND VENTURE FIRMS BY INDUSTRY TYPE
Note: Payroll include totals for all years for all companies in that industry type.
Employment includes peak levels during the participation period.
COMPANIES PARTICIPATING IN VENTURE FUND INVESTMENTS
FIGURE 1
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On average, companies receiving OCIB support through its venture investment program have been active
in Oklahoma for about six years. The data represented here shows a snapshot of the combined economic
impact of all companies participating in any given year. For reasons described above, most companies
are represented in the impact totals for an average of six years.
Capital Access Program
The capital access program was initiated in 1992. Since that time, 908 companies have received loans,
many more than one loan. The impact from each company is only included for a one-year period even
though the participants were likely active in Oklahoma for multiple years. Multi-year data was not
included because this information is not available to the Board. An additional factor that adds to the
conservative nature of our analysis of the capital access program is that only 438 of the total 908
companies reported employment numbers. Therefore, only 438 of these companies are considered in the
study. The total amount of loans funded since 1992 is approximately $46.9 million. In this analysis, each
borrower is counted only one time, even if they received more than one loan. The participants in this
program span almost every industry sector (Figure 2). They range in size from 1 to 200 total employees
with annual sales ranging from $2,000 to $4.9 million. Over the 19 year period, these companies created
approximately 1,600 new jobs in Oklahoma.3
3 Estimate of new jobs includes companies that did not provide sufficient information to be included in the analysis.
The companies included in the analysis account for 1,461 of the approximately 1,600 new jobs.
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New Jobs
Industry Borrower Sales Created
Agriculture- Livestock Production $1,698,632 18
Agricultural Services $612,372 15
Mining $3,258,825 42
Construction $20,298,387 183
Utilities $175,000 1
Food Processing $2,478,480 14
Apparel $475,154 9
Lumber and Wood Products $231,531 10
Furniture & Fixtures $2,337,515 29
Printing $517,340 4
Chemicals $223,000 5
Leather Products $70,000 1
Stone, Clay & Glass $559,905 10
Primary Metals $527,800 1
Fabricated Metals $5,723,348 82
Industrial Machinery $1,961,069 12
Electronics na 1
Transportation Equipment $1,747,349 9
Instruments $100,000 5
Misc Manufacturing $622,158 4
Interurban Transportation $114,000 1
Motor Freight Transportation $8,422,822 39
Water Transportation $702,000 2
Air Transportation na 2
Transportation Services $1,171,021 29
Communication Services $607,000 2
Refuse Services $93,600 51
Wholesale Trade $6,731,611 45
Building Materials and Garden Stores $409,843 7
General Merchandise Stores $146,969 14
Food Stores $3,469,074 48
Auto Dealers $4,232,000 19
Apparel Stores $4,213,252 25
Home Furnishing Stores $802,713 13
Eating & Drinking Places $7,056,844 259
Misc Retail $5,830,012 57
Banking and Credit $95,000 1
Real Estate $111,039 13
Personal Services $798,193 61
Business Services $5,107,110 91
Auto Repair and Services $1,550,287 38
Misc Repair Services $1,523,114 5
Motion Pictures and Video Production $194,410 6
Amusement and Recreation $294,748 12
Health Care $1,989,843 43
Legal Services $442,225 16
Educational Services $14,450 3
Social Services $786,790 40
Membership Organizations $5,593,403 14
Professional Services $1,824,723 19
Other Services $2,155,198 31
FIGURE 2
COMPANIES PARTICIPATING IN CAPITAL ACCESS PROGRAM
BY INDUSTRY TYPE
Note: Figure includes only the 438 companies out of 908 total with sufficient
information to be included in the analysis.
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The impacts of these companies stem from two sources. First, companies purchase a variety of goods and
services from vendors within the state creating additional demand, jobs and payroll. The amount and type
of local purchases depends on the industry type of the participating company. Second, company
employees, as well as supported vendor employees, make local purchases of consumer goods. This
creates additional demand and supports additional employment and payroll, primarily at retail and
personal services establishments.
NBA Hornets Revenue Guarantee
Due to the devastation caused by Hurricane Katrina in New Orleans in September 2005, Oklahoma City
was approached by the New Orleans Hornets and the National Basketball Association (NBA) to play their
2005-06 season at the Ford Center in Oklahoma City. This temporary relocation created significant
economic benefits for the city and the state. To assist in this effort, OCIB participated in a $10 million
revenue guarantee put in place to recruit the team to Oklahoma.
The team played 38 home games in Oklahoma City that year with average attendance of 18,737 per game.
This resulted in $45.6 million of direct game spending by both residents and out of town attendees. In
addition, the 100 players and staff of the NBA Hornets spent an estimated 10 percent of their $60 million
payroll in Oklahoma during the season. Both of these types of spending support local businesses and
create economic impacts. Although the Hornets stayed in Oklahoma for a second season, the impact
results were only included for the initial year. It is likely that the Hornets would not have been in
Oklahoma for the second season without OCIB’s support during the initial season, but we have again
elected to be conservative with our analysis
Economic Impact Results
The economic impact results presented here are grouped into direct impacts and total impacts (Figures 3,
4 and 5). Direct output represents the value of production at participating companies. Direct jobs and
payroll were provided by OCIB and represent the number of jobs and amount of payroll at the companies
participating in the program in a given year. These companies and their employees in turn make
additional local purchases that are captured in the total impact estimates. The total impact includes both
the direct impacts and the secondary, or indirect and induced impacts created at other local businesses and
their employees.
The magnitude of the impact is proportional to the number of companies participating in any given year,
the size of those companies, and the types of industries. Some industries generate a much greater
multiplier effect than others, depending on the amount of local purchases they are able to make.
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Number of
New Participating
Year Investment Companies Output Jobs* Payroll Output Jobs Payroll
1993 $250,000 1 $202,519 3 $108,000 $379,100 4 $165,972
1994 $0 1 $247,523 4 $132,000 $463,345 5 $202,855
1995 $9,380,000 2 $11,464,572 311 $3,932,000 $18,596,561 442 $6,213,700
1996 $13,232,000 5 $14,678,245 391 $5,570,000 $24,513,137 582 $8,707,574
1997 $12,445,000 9 $23,922,810 604 $9,193,000 $40,735,787 921 $14,667,222
1998 $22,369,248 12 $67,446,900 1,093 $26,161,000 $116,481,101 1,735 $42,093,773
1999 $21,383,026 13 $83,250,105 1,056 $28,822,000 $141,849,851 1,695 $47,613,227
2000 $9,134,000 10 $74,994,985 788 $22,208,000 $125,393,629 1,295 $38,092,263
2001 $1,066,000 8 $46,741,689 694 $17,388,000 $78,988,681 1,066 $27,768,626
2002 $4,000,000 8 $33,468,742 594 $12,453,000 $56,173,296 903 $19,987,501
2003 $464,000 8 $27,497,436 507 $9,370,000 $45,356,603 754 $15,158,433
2004 $5,080,000 8 $33,434,836 532 $10,899,000 $54,341,257 773 $17,658,880
2005 $489,000 8 $34,691,742 532 $11,408,000 $56,443,819 777 $18,438,121
2006 $8,922,000 10 $38,791,947 629 $12,918,000 $64,408,684 958 $21,149,223
2007 $4,866,000 11 $35,848,268 543 $12,077,667 $59,626,903 808 $19,756,473
2008 $10,031,000 14 $59,314,050 556 $14,622,667 $95,331,797 1,019 $27,071,157
2009 $9,117,000 11 $45,967,072 555 $15,731,333 $77,495,321 826 $24,740,554
2010 $2,709,000 14 $44,558,384 513 $14,684,606 $74,331,614 745 $23,261,312
2011 $3,088,700 14 $18,617,585 503 $7,100,803 $30,496,921 730 $9,980,912
Total $138,025,974 na $695,139,412 10,408 $234,779,076 $1,161,407,405 16,039 $382,727,777
FIGURE 3
*Represents the sum of jobs at participating companies over 18 years. Jobs at individual firms may be included multiple times
if they participated in multiple years and maintained the same level of employment.
Direct Impacts Total Impacts
ECONOMIC IMPACTS OF OCIB VENTURE INVESTMENT PROGRAM
ON THE STATE OF OKLAHOMA
Current Dollars
VENTURE FUND INVESTMENTS
All total, the venture investment program created an economic impact of $1.2 billion in Oklahoma from
1993 to 2011. The companies assisted through this program created an increase in demand of $466.3
million that supported $147.9 million in payroll and over 5,600 jobs-years at other local businesses
through their supplier purchases and purchases made by employees. These economic impacts are in
addition to the cumulative impacts of 10,400 jobs-years and $234.8 million in payroll that were supported
by the companies directly.4
The venture capital program has supported nine locally Oklahoma based venture firms. Annual
employment related to these firms has ranged from 4 to 21 over the past 18 years. Over the life of the
program, these companies have created a total economic impact of $68.1 million on the Oklahoma
economy, supporting $26.5 million in total payroll at the venture firms and other supported local
businesses.
4 Note that jobs are counted in job-years and include total employment in each year a company participated in the
program.
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Year Output Jobs Payroll Output Jobs Payroll
1993 $351,427 4 $152,935 $660,574 6 $258,765
1994 $360,677 4 $156,961 $677,962 6 $265,576
1995 $369,928 4 $160,986 $695,350 6 $272,387
1996 $879,597 9 $382,786 $1,653,371 15 $647,670
1997 $1,752,193 16 $762,525 $3,293,584 27 $1,290,186
1998 $1,794,222 16 $780,815 $3,372,584 28 $1,321,132
1999 $1,836,250 16 $799,105 $3,451,584 28 $1,352,078
2000 $2,020,651 17 $879,353 $3,798,201 30 $1,487,858
2001 $1,950,866 16 $848,984 $3,667,027 29 $1,436,473
2002 $2,291,481 18 $997,214 $4,307,278 34 $1,687,277
2003 $2,334,243 18 $1,015,823 $4,387,658 34 $1,718,764
2004 $2,224,048 17 $967,868 $4,180,525 32 $1,637,624
2005 $2,574,664 19 $1,120,450 $4,839,576 37 $1,895,792
2006 $2,385,815 17 $1,038,266 $4,484,598 33 $1,756,738
2007 $2,663,066 21 $1,158,921 $4,861,879 39 $1,849,238
2008 $2,659,111 19 $1,157,200 $4,854,660 37 $1,846,492
2009 $2,694,349 19 $1,172,535 $4,917,661 37 $1,889,825
2010 $2,781,982 19 $1,210,671 $5,077,606 37 $1,951,291
2011 $2,693,957 18 $1,172,365 $4,916,946 36 $1,889,550
Total $36,618,527 na $15,935,761 $68,098,626 na $26,454,718
Note: Direct payroll estimated based on average occupational wages for Oklahoma from the
Oklahoma Employment Security Commission, "Oklahoma Wage Report", 2002-2011.
Direct Impacts Total Impacts
FIGURE 4
ECONOMIC IMPACTS OF OCIB VENTURE INVESTMENT PROGRAM
ON THE STATE OF OKLAHOMA
Current Dollars
VENTURE FIRMS
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Number of
Participating
Year Companies Output Jobs Payroll Output Jobs Payroll
1992 7 $5,773,427 33 $1,456,153 $9,645,003 74 $2,847,216
1993 49 $28,149,166 252 $8,918,609 $49,418,972 488 $16,263,636
1994 33 $11,991,272 172 $3,479,294 $22,108,418 280 $6,812,613
1995 32 $16,670,689 163 $4,536,727 $31,958,524 325 $9,585,705
1996 32 $6,785,043 99 $2,614,332 $12,298,954 162 $4,530,894
1997 33 $6,697,841 104 $2,596,747 $11,949,080 166 $4,501,759
1998 39 $6,053,596 90 $1,979,654 $10,505,961 140 $3,515,468
1999 17 $3,061,350 48 $1,191,809 $5,380,843 75 $2,045,005
2000 36 $8,899,885 124 $3,361,710 $15,657,184 202 $5,808,408
2001 15 $2,015,252 23 $659,246 $3,525,733 40 $1,196,876
2002 7 $975,902 8 $279,661 $1,686,029 15 $527,325
2003 10 $3,818,957 26 $887,851 $6,488,022 53 $1,785,932
2004 12 $1,911,947 21 $763,385 $3,351,334 38 $1,295,092
2005 14 $1,406,307 20 $533,292 $2,477,893 32 $899,655
2006 15 $10,091,970 71 $4,023,115 $15,474,960 141 $5,762,101
2007 13 $1,805,218 22 $564,124 $3,018,995 34 $940,950
2008 20 $3,782,472 49 $1,497,252 $6,120,617 69 $2,204,179
2009 23 $4,869,070 51 $1,498,068 $8,334,492 80 $2,599,668
2010 23 $5,006,312 66 $1,970,681 $8,493,791 98 $3,093,316
2011 9 $3,161,156 19 $937,329 $4,941,716 32 $1,447,999
Total 407 $132,926,832 1,461 $43,749,040 $232,836,519 2,547 $77,663,796
Direct Impacts Total Impacts
FIGURE 5
ECONOMIC IMPACTS OF OCIB CAPITAL ACCESS PROGRAM
ON THE STATE OF OKLAHOMA
Current Dollars
All total, the capital access program created an economic impact of $232.8 million in Oklahoma from
1992 to 2011. The companies assisted through this program created an increase in demand of $99.9
million that supported $33.9 million in payroll and about 1,090 jobs at other local businesses through
their supplier purchases and purchases made by employees. These economic impacts are in addition to
the 1,500 employees and $43.7 million in payroll that were created by these companies directly.
Along with the on-going impacts of the venture capital and capital access programs, OCIB was also able
to support the significant impacts created by the NBA Hornets during the 2005-06 season in Oklahoma
City. Note that these impacts are not included in the figures above. Although this represents a non-recurring
impact, it was significant in the 2005-06 fiscal year. The total economic impact of the NBA
Hornets is estimated at $71.0 million. This includes direct game spending generating increased demand
of $45.6 million. There was also an estimated $6 million in direct payroll spending that created an
economic impact of $25.4 million and supported 229 jobs (100 direct, 129 indirect and induced).5
The secondary impacts described above are called multiplier effects. Multiplier effects are a way of
representing the larger economic effects on the local economy. The multiplier effects translate an
5 Note that impacts results for NBA Hornets are based on analysis by City of Oklahoma City, not Applied
Economics.
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increase in output (loosely defined for service industries as sales, less profits) into a corresponding
increase in jobs and personal income or payroll. In essence, the multiplier effect represents the recycling
of local spending. This recycling process creates new business opportunities.
The multipliers used in this analysis are from IMPLAN, a national vendor of economic impact software,
and are specific to Oklahoma. Industry specific multipliers were used for each type of participating
company. The variation in multipliers between the specific industry types is due to the different mix of
secondary industries that are affected since multipliers are industry-specific.
On average, the output multiplier for the venture investment program is 1.67. This means that for every
$1 million of production by the participating companies, an additional $670,000 in additional economic
activity is generated in the local economy, along with 8 jobs at related businesses. On average, the
income from these jobs is about $26,300 per employee.
On average, the output multiplier for the capital access program is 1.75. This means that for every $1
million of production by the participating companies, an additional $750,000 in additional economic
activity is generated in the local economy, along with 8 jobs at related businesses. On average, the
income from these jobs is about $31,300 per employee.
A summary of the impacts of the two on-going OCIB programs and the NBA Hornets guarantee are
shown in Figure 6. The impact of the venture capital firms themselves is included within the venture
investment program results. The venture investment program has the larger impact of the two programs
due to several factors:
• The venture investment program includes all employment, not just new employment.
However, most of these are start up or young companies, and thus the bulk of the jobs created
are new. As a result, the average number of direct jobs attributed to companies in the venture
investment program is larger. In general, the capital access program includes many very small
companies.
• Companies in the venture investment program may be counted multiple times, once for each
year they were an active Oklahoma company, whereas companies in the capital access program
are only counted in the single year in which they receive a loan. It is very likely that many of
the companies that participated in the capital access program over the past 19 years are still in
operation in Oklahoma, but their information has not been provided to OCIB on an on-going
basis. As a result, the cumulative impacts of the companies in the capital access program are
understated.
• Despite the overall difference in magnitude of impacts between the two programs, the capital
access program actually has a higher average multiplier due to the larger share of manufacturing
companies versus services. Manufacturers typically make more supply purchases than service
providers due to their material-intensive nature.
• Figure 6 also includes the economic impact of the NBA Hornets loan guarantee, which
produced a significant economic impact during the 2005/2006 season. The impacts of the
Hornets include both the impacts of the Hornets organization and their employees, as well as
the impacts of tourism spending by game attendees.
Page 15 of 19
FIGURE 6
TOTAL OCIB ECONOMIC IMPACT BY PROGRAM
1992-2011
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Investment Total Output Total Payroll
Venture Investment Capital Access Hornets Guarantee
Millions
Page 16 of 19
4.0 REVENUE IMPACTS
In addition to creating a substantial economic impact in Oklahoma, the new jobs generated by OCIB
programs also result in additional tax revenues to the state. This analysis quantifies the revenue impacts
created by employees through state sales and personal income taxes. The results shown here include the
Capital Access Program, the Venture Fund Investments and Venture Firms and the NBA Hornets.
Employees at participating companies, and other local employees that are supported by the additional
economic activity, pay state personal income taxes on their earnings, as well as state sales taxes on a
portion of their local purchases. Using the program data and the results from the economic impact
analysis, it is possible to estimate the revenue impacts. All total, direct and indirect employees supported
by OCIB companies have generated an estimated $24.1 million in state revenues since 1992 (Figure 7).
This impact does not include additional sales and corporate income taxes paid by the companies directly
to the state of Oklahoma. This information was not reported to OCIB by the participating firms.
NBA Hornets NBA Hornets
Year Sales Tax
Personal
Income Tax Sales Tax
Personal
Income Tax Sales Tax Sales Tax
Personal
Income Tax Sales Tax
Personal
Income Tax Sales Tax
1992 $20,313 $64,265 $0 $0 $0 $39,719 $120,989 $0 $0 $0
1993 $124,415 $369,690 $3,640 $11,235 $0 $226,878 $660,282 $5,925 $18,391 $0
1994 $48,536 $108,887 $4,031 $12,297 $0 $95,036 $240,250 $6,535 $20,288 $0
1995 $63,287 $171,361 $57,097 $74,604 $0 $133,721 $371,217 $90,481 $142,038 $0
1996 $36,470 $96,318 $83,041 $135,843 $0 $63,206 $171,497 $130,506 $228,511 $0
1997 $36,225 $92,953 $138,880 $250,504 $0 $62,800 $168,110 $222,606 $422,886 $0
1998 $27,616 $65,726 $375,838 $950,274 $0 $49,041 $126,407 $605,638 $1,542,806 $0
1999 $16,626 $42,533 $413,214 $1,115,377 $0 $28,528 $76,310 $683,066 $1,866,769 $0
2000 $46,896 $122,026 $322,069 $861,923 $0 $81,027 $216,925 $552,143 $1,505,073 $0
2001 $9,196 $24,598 $254,406 $643,064 $0 $16,696 $45,472 $407,411 $1,050,747 $0
2002 $3,901 $11,325 $187,630 $429,478 $0 $7,356 $21,171 $302,363 $717,290 $0
2003 $12,386 $35,650 $144,882 $305,045 $0 $24,914 $71,510 $235,437 $528,528 $0
2004 $10,649 $31,339 $165,543 $374,335 $0 $18,067 $51,917 $269,186 $653,189 $0
2005 $7,439 $19,191 $174,772 $409,708 $0 $12,550 $33,197 $283,658 $706,048 $0
2006 $56,122 $183,322 $194,690 $422,308 $270,000 $80,381 $241,363 $319,538 $729,956 $270,000
2007 $7,870 $19,268 $184,650 $426,822 $0 $13,126 $33,741 $301,400 $735,933 $0
2008 $20,887 $56,158 $220,129 $560,822 $0 $30,748 $84,203 $403,401 $1,026,458 $0
2009 $20,898 $55,134 $235,809 $623,177 $0 $36,265 $100,114 $371,494 $1,003,397 $0
2010 $27,491 $68,754 $221,739 $555,195 $0 $43,152 $111,476 $351,716 $916,686 $0
2011 $13,076 $40,144 $115,411 $142,584 $0 $20,200 $60,137 $165,593 $193,707 $0
Total $610,299 $1,678,643 $3,497,472 $8,304,592 $270,000 $1,083,410 $3,006,286 $5,708,096 $14,008,700 $270,000
Note: Total revenue impacts include direct revenues.
Capital Access Venture Investment
Total Impacts
FIGURE 7
REVENUE IMPACTS OF OCIB PROGRAM
Capital Access Venture Investment
Direct Impacts
Supported direct and indirect employees associated with OCIB programs generated about $6.8 million in
state sales tax revenues, or an average of $340,000 per year. This includes sales taxes generated by direct
employees at participating companies and employees at supported local businesses. Taxable employee
expenditures are calculated by multiplying total personal income times 31 percent, times the state sales
tax rate of 4.5 percent.6 An additional $270,000 in state sales tax revenues accrued during the 2005-06
Hornets season from NBA Hornets players and other employees who spent an estimated 10 percent of
their income in Oklahoma.
6 According to the Census Bureau Consumer Expenditure Survey, persons in the average income range of supported employees
spend about 31 percent of their income on taxable goods.
Page 17 of 19
Employees at participating companies and at supported local businesses also pay personal income taxes in
Oklahoma estimated at $17.0 million since 1992, or an average of $851,000 per year. State income tax
revenues are calculated using the average personal income per employee for direct and indirect
employees, adjusted for a standard deduction and personal exemption, times the graduated state tax rate
schedule times the number of employees.
Both the venture capital and capital access program create significant annual impacts on the Oklahoma
economy. The Oklahoma Capital Investment Board not only helps to start and expand local companies,
but also supports job growth at other local supplier companies. In addition, these new jobs generate
increased payroll, spending and tax revenues that support the state’s economy.
Page 18 of 19
APPENDIX
IMPACT RESULTS FOR 2001 TO 2011
Page 19 of 19
Year Output Jobs Payroll Output Jobs Payroll
2001 $2,015,252 23 $659,246 $3,525,733 40 $1,196,876
2002 $975,902 8 $279,661 $1,686,029 15 $527,325
2003 $3,818,957 26 $887,851 $6,488,022 53 $1,785,932
2004 $1,911,947 21 $763,385 $3,351,334 38 $1,295,092
2005 $1,406,307 20 $533,292 $2,477,893 32 $899,655
2006 $10,091,970 71 $4,023,115 $15,474,960 141 $5,762,101
2007 $1,805,218 22 $564,124 $3,018,995 34 $940,950
2008 $3,782,472 49 $1,497,252 $6,120,617 69 $2,204,179
2009 $4,869,070 51 $1,498,068 $8,334,492 80 $2,599,668
2010 $5,006,312 66 $1,970,681 $8,493,791 98 $3,093,316
2011 $3,161,156 19 $937,329 $4,941,716 32 $1,447,999
Total $38,844,563 376 $13,614,005 $63,913,582 633 $21,753,092
Year Output Jobs* Payroll Output Jobs Payroll
2001 $48,692,555 710 $18,236,984 $82,655,708 1,096 $29,205,099
2002 $35,760,223 612 $13,450,214 $60,480,574 937 $21,674,778
2003 $29,831,679 525 $10,385,823 $49,744,261 788 $16,877,196
2004 $35,658,884 549 $11,866,868 $58,521,782 805 $19,296,504
2005 $37,266,407 551 $12,528,450 $61,283,396 813 $20,333,913
2006 $41,177,763 646 $13,956,266 $68,893,282 991 $22,905,960
2007 $38,511,333 564 $13,236,588 $64,488,782 846 $21,605,712
2008 $61,973,162 575 $15,779,867 $100,186,456 1,055 $28,917,650
2009 $48,661,422 574 $16,903,868 $82,412,982 863 $26,630,379
2010 $47,340,366 531 $15,895,278 $79,409,220 783 $25,212,603
2011 $21,311,542 520 $8,273,168 $35,413,867 766 $11,870,462
Total $446,185,335 6,356 $150,513,373 $743,490,310 9,744 $244,530,257
Year Output Jobs Payroll Output Jobs Payroll
2001 $50,707,807 733 $18,896,230 $86,181,440 1,136 $30,401,975
2002 $36,736,124 620 $13,729,875 $62,166,603 952 $22,202,103
2003 $33,650,636 551 $11,273,674 $56,232,283 841 $18,663,128
2004 $37,570,831 570 $12,630,253 $61,873,116 843 $20,591,596
2005 $38,672,714 571 $13,061,742 $63,761,289 845 $21,233,568
2006 $51,269,733 717 $17,979,381 $84,368,242 1,133 $28,668,061
2007 $40,316,551 586 $13,800,712 $67,507,777 880 $22,546,661
2008 $65,755,633 624 $17,277,119 $106,307,073 1,124 $31,121,829
2009 $53,530,492 625 $18,401,936 $90,747,474 943 $29,230,047
2010 $52,346,678 597 $17,865,959 $87,903,012 880 $28,305,919
2011 $24,472,698 539 $9,210,497 $40,355,584 799 $13,318,461
Total $485,029,897 6,732 $164,127,378 $807,403,892 10,377 $266,283,349
Total Impacts Total Impacts
Combined Programs
*Represents the sum of jobs at participating companies over 18 years. Jobs at individual firms may
be included multiple times if they participated in multiple years and maintained the same level of
employment.
Venture Investment Program
ECONOMIC IMPACTS OF OCIB PROGRAM
ON THE STATE OF OKLAHOMA
JAN 2001 TO JUN 2011
Direct Impacts Total Impacts
Capital Access Program
Venture Fund Investments and Venture Firms
Direct Impacts Total Impacts

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ECONOMIC IMPACTS OF THE
OKLAHOMA CAPITAL INVESTMENT BOARD’S
VENTURE INVESTMENT PROGRAM AND
OKLAHOMA CAPITAL ACCESS PROGRAM
PREPARED BY:
APPLIED ECONOMICS
11209 N. TATUM BLVD, SUITE 225
PHOENIX, AZ 85028
AUGUST 2011
Page 2 of 19
1.0 INTRODUCTION
Applied Economics has been retained on behalf of the Oklahoma Capital Investment Board (OCIB or
Board) to prepare an updated economic impact statement of their venture investment and capital access
programs on the State of Oklahoma from 1992 through June 2011. Applied Economics is an economic
consulting firm, based in Phoenix, Arizona, specializing in economic development, economic and fiscal
impact assessment, socioeconomic modeling, urban planning and custom software applications. Applied
Economics conducts studies and develops models to measure the impacts of a wide variety of activities.
These activities can include development land use and policy changes, business-driven economic impacts,
and program-driven economic and fiscal impacts.
This analysis is intended to quantify the contributions of the companies assisted by OCIB to the
Oklahoma economy. The impacts stem from two programs – the Venture Investment Program and the
Capital Access Program. In addition the analysis includes a summary of the impacts of the NBA Hornets
who played in Oklahoma City following Hurricane Katrina and received a $10 million revenue guarantee
through an investment syndicate which included OCIB, the City of Oklahoma City and a group of private
investors.
Through its Venture Investment Program, OCIB supports investments in private, professionally managed
venture capital firms that have committed to building a significant presence within Oklahoma and have a
history of producing solid returns for their investors. In addition to supporting local businesses through
venture capital, the impacts of supported local jobs at the Oklahoma-based investment management firms
are also included in the impact analysis.
The OCIB Capital Access Program provides banks a form of portfolio guarantee, allowing them to stretch
their loan capabilities and offer more loans to small businesses in Oklahoma. Both businesses and
financial institutions in Oklahoma benefit from the higher volume of small business loans created through
the capital access program. Loans generally range in size from $1,000 to $700,000 and are used by a
wide variety of businesses.
Since 1992, OCIB has assisted 31 Oklahoma companies and 9 Oklahoma based investment firms through
its venture investment program and 908 companies through its capital access program. These companies
range in size from 1 or 2 employees to over 400 employees, although the vast majority are smaller firms.
They also represent a broad spectrum of different industries.
The impact represented here shows a year-by-year snapshot of the companies assisted in each year. In the
case of the venture investment program, most companies reported Oklahoma payroll and employment
numbers for multiple years and are therefore included in totals for each of the reported years. However,
once a company was no longer active in Oklahoma, they were no longer included in the impacts.
The venture investment program includes venture fund investments in 31 Oklahoma based companies
between 1993 and 2011 as well as 9 locally-based venture firms. In total, they account for $271.6 million
in payroll and over 1,540 employees over this time period.1 These 31 companies as a group received
more than $138.0 million in venture capital funding through OCIB over the nineteen year period.
The capital access program includes data on 438 of the 908 companies that participated between 1992 and
2011. This includes companies that were willing to provide information on their industry type and the
number of new jobs they created. For this program, the impact analysis is based on new jobs created
1 Employee count based on peak employment of each firm during the time period they reported employment and
payroll.
Page 3 of 19
during their initial year of participation in the program, rather than total jobs. The 908 companies as a
group received approximately $46.9 million in loans between 1992 and 2011. In this respect, the analysis
provides a very conservative estimate of the cumulative impacts given that only 438 of the 908 Oklahoma
companies were considered in the analysis. In addition, their impact was only considered for a one-year
period even though most of the companies likely operated for multiple years in Oklahoma.
In addition to their regular programs, this analysis also includes information about a revenue guarantee
provided by OCIB to the NBA Hornets. Due to the devastation caused by Hurricane Katrina in New
Orleans in September 2005, Oklahoma City was approached by the New Orleans Hornets and the
National Basketball Association (NBA) to play their 2005-06 season at the Ford Center in Oklahoma
City. To assist in this effort, OCIB participated in a $10 million revenue guarantee put in place to recruit
the team to Oklahoma.
The information and observations contained in this report are based on our present knowledge of the
components of development, and of the current physical, socioeconomic and fiscal conditions of the
affected areas. All company-specific data was provided by OCIB. Estimates made in this analysis are
based on hypothetical assumptions and the current economic structure of the region. However, even if the
assumptions outlined in this report were to occur, there will usually be differences between the estimates
and the actual results because events and circumstances frequently do not occur as expected. This
analysis is based on the best available information and is intended to aid the Oklahoma Capital
Investment Board in demonstrating its impact to the state. In no way will Applied Economics be held
responsible or have any liability or be subject to damages as a result of this analysis. This report may be
used only for the purposes that it was intended.
Page 4 of 19
2.0 SUMMARY OF RESULTS
The Oklahoma Capital Investment Board provides access to a unique set of financial resources for
companies looking to develop or expand in Oklahoma. These companies in turn provide on-going
economic benefits to the state. These positive impacts include the following:
Economic Impacts
􀂃 OCIB has had a total economic impact of $1.5 billion on the Oklahoma economy over the past 19
years as a result of the venture capital and capital access programs, supported local venture
investment firms and the NBA Hornets revenue guarantee. These programs assisted close to 940
companies during this time period. Data for the past 10 years only is included in the Appendix.
􀂃 The largest component of the impact is from the venture investment program. The 31 Oklahoma
companies that received capital from Board-supported funds provided over 10,400 job-years over the
multi-year period, (or an average of 550 jobs per year) and a total of $234.8 million in payroll. In
addition, the venture investment program supported 9 venture firms that were headquartered in
Oklahoma.
􀂃 As a result of the multiplier effect, the total impact of the companies in the venture investment
program on the State of Oklahoma is estimated at $1.2 billion in increased economic activity, 16,000
jobs, (or an average of 844 jobs per year) and $382.7 million in payroll. This includes jobs and
payroll at participating companies, as well as jobs and payroll at other local businesses.
• The nine Oklahoma-based venture firms supported by the venture investment program employed an
average of 15 people per year since 1993. They have created an economic impact of $68.1 million
over the past 19 years, directly and indirectly supporting $26.5 million in total payroll and 530 total
jobs (or an average of 28 jobs per year).
􀂃 The capital access program has assisted 908 small and medium sized companies since its inception in
1992. Of these 908 companies, 438 provided enough information to calculate impacts. These 438
companies created about 1,460 new jobs and $43.7 million in payroll.
• The total economic impact of the capital access program, including additional supported jobs and
payroll at other local businesses, was $232.8 million in increased economic activity, over 2,500 jobs
and $77.7 million in payroll.
• Along with these impacts from developing and expanding Oklahoma companies, OCIB also provided
1/3 of a $10 million revenue guarantee put in place to recruit the NBA Hornets to Oklahoma for their
2005/06 season. The Hornets organization employed about 100 people (players and front office) with
a total payroll of $60 million, of which an estimated 10 percent was spent in Oklahoma. In addition,
they supported $45.6 million in direct game spending by patrons. The payroll and game spending
combined resulted in an annual economic impact of $71.0 million.2
2 City of Oklahoma City.
Page 5 of 19
Revenue Impacts
􀂃 In addition to supporting jobs and economic activity, the companies in the capital access and venture
investment programs also generated significant state tax revenues over the past 19 years. The
participating companies themselves generate sales taxes and corporate income taxes in Oklahoma that
are not quantified in this analysis. In addition, they generate revenues through their employees.
Household spending by employees of participating companies and other supported local businesses
has generated an estimated $7.1 million in state sales tax revenues since 1992. Directly and indirectly
supported employees also generated an estimated $17.0 million in state personal income taxes over
the life of the program.
Performance Metrics
• Since its inception, the OCIB program has supported approximately 3,005 new jobs through the
Venture Investment and Capital Access Programs combined. The cost of the program to the state to
date is estimated at $27.5 million. Therefore, the average cost per direct job is $9,156. If the indirect
jobs created through local multiplier effects are included, the average cost per job drops to $6,233. It
should be noted that the average cost per job would be significantly reduced if retained jobs were
included within the analysis. Electing to be conservative, only new job creation has been included.
New Jobs Created Direct Jobs Avg Wage Total Jobs Avg Wage
Venture Investment Program1 1,544 $24,055 1,868 $24,695
Capital Access Program 1,461 $29,945 2,547 $30,496
Total Cost of OCIB Program to State $27,515,000
Average Cost per Job Created $9,156 $6,233
Value of New Revenue to State per Job2 $4,779 $5,454
1Includes jobs at venture firms and peak employment at all participating companies over the life of the program.
2Includes state personal income and sales tax generated by employees at participating companies.
PERFORMANCE METRICS FOR OCIB PROGRAM
1992 to 2011
Page 6 of 19
VENTURE INVESTMENT PROGRAM
Venture Fund Investments
Total Investment $138,025,974
Number of Participating Companies 31
Payroll (1993 - 2011) $234,779,076
Total Employment* 10,408
Average Annual Employment 578
Average Wage per Job $22,558
Economic Impacts (1993 - 2011)
Total Output $1,161,407,405
Total Payroll $382,727,777
Total Jobs (in Job-Years)* 16,039
Venture Investment Firms
Local Firms 9
Average Employment 15
Economic Impacts (1993 - 2011)
Total Output $68,098,626
Total Payroll $26,454,718
Average Total Jobs 28
CAPITAL ACCESS PROGRAM
Total Loans $46,858,781
Number of Participating Companies** 908
Estimated Payroll (1992 - 2011) $43,749,040
New Employment** 1,461
Average Wage per Job $29,945
Economic Impacts (1992 - 2011)
Total Output $232,836,519
Total Payroll $77,663,796
Total Jobs 2,547
NBA HORNETS
Total Loan Guarantee $10,000,000
Estimated Payroll Spent in Oklahoma (2005-2006)*** $6,000,000
Average Wage per Job $600,000
Direct Game Spending (38 games) $45,568,384
Economic Impacts (2005-2006)
Total Output $71,011,462
Total Payroll $25,443,000
Total Jobs 229
***Assumes 10 percent of total payroll spent in Oklahoma.
SUMMARY OF RESULTS
*Represents total employment in job-years, an average of 774 per year
over the multi-year period. Jobs at individual firms may be included
multiple times if the company maintained operations in Oklahoma for
**Only 438 of the 908 companies submitted sufficient information to be
included in the impact. Employment number shown here is estimated
total for those 438 companies.
Page 7 of 19
3.0 ECONOMIC IMPACTS
The economic benefits resulting from OCIB’s programs include combined impacts of all companies
assisted by OCIB since 1992. Economic impacts measure the effects of economic stimuli or expenditures
in the local economy. These impacts include direct and indirect jobs, personal income, and economic
activity or output that are generated by these companies. Indirect impacts are the result of the multiplier
effect and capture supported supplier and consumer businesses and their employees in Oklahoma that
benefit from local purchases made by these companies and their employees.
Venture Investment Program
Venture Fund Investments
The venture investment program was initiated in 1993. Since that time, 31 companies have received
funding. All total, OCIB has provided these companies with access to over $138.0 million in venture
capital funding over the past 18 years. The companies range in size from 1 employee to over 400
employees. A list of the types of industries and associated employment and payroll for participating
companies is shown in Figure 1.
Venture Investment Firms
The program also supported 9 venture firms that were headquartered in Oklahoma. These firms were
employed an average of 15 investment professionals and support staff. Employment and payroll numbers
for these firms are in addition to the venture investment program impact totals.
Industry Type Employment Payroll
Advertising 130 $3,486,000
Construction & management services 212 $12,794,000
Communication services 73 $12,018,000
Transformers 56 $9,461,000
Custom programming/software/CAD/design 274 $52,165,188
Service company 403 $85,060,000
Health care 159 $30,044,389
Costume jewelry 93 $3,391,000
Photo laboratories 60 $6,800,000
Instruments 17 $2,472,000
Electronic equipment 25 $6,854,500
Financial services* 15 $15,935,761
Biological products/research/medical devices 27 $10,474,000
* Payroll for venture firms estimated based on average occupational wages for
Oklahoma from the Oklahoma Employment Security Commission.
AND VENTURE FIRMS BY INDUSTRY TYPE
Note: Payroll include totals for all years for all companies in that industry type.
Employment includes peak levels during the participation period.
COMPANIES PARTICIPATING IN VENTURE FUND INVESTMENTS
FIGURE 1
Page 8 of 19
On average, companies receiving OCIB support through its venture investment program have been active
in Oklahoma for about six years. The data represented here shows a snapshot of the combined economic
impact of all companies participating in any given year. For reasons described above, most companies
are represented in the impact totals for an average of six years.
Capital Access Program
The capital access program was initiated in 1992. Since that time, 908 companies have received loans,
many more than one loan. The impact from each company is only included for a one-year period even
though the participants were likely active in Oklahoma for multiple years. Multi-year data was not
included because this information is not available to the Board. An additional factor that adds to the
conservative nature of our analysis of the capital access program is that only 438 of the total 908
companies reported employment numbers. Therefore, only 438 of these companies are considered in the
study. The total amount of loans funded since 1992 is approximately $46.9 million. In this analysis, each
borrower is counted only one time, even if they received more than one loan. The participants in this
program span almost every industry sector (Figure 2). They range in size from 1 to 200 total employees
with annual sales ranging from $2,000 to $4.9 million. Over the 19 year period, these companies created
approximately 1,600 new jobs in Oklahoma.3
3 Estimate of new jobs includes companies that did not provide sufficient information to be included in the analysis.
The companies included in the analysis account for 1,461 of the approximately 1,600 new jobs.
Page 9 of 19
New Jobs
Industry Borrower Sales Created
Agriculture- Livestock Production $1,698,632 18
Agricultural Services $612,372 15
Mining $3,258,825 42
Construction $20,298,387 183
Utilities $175,000 1
Food Processing $2,478,480 14
Apparel $475,154 9
Lumber and Wood Products $231,531 10
Furniture & Fixtures $2,337,515 29
Printing $517,340 4
Chemicals $223,000 5
Leather Products $70,000 1
Stone, Clay & Glass $559,905 10
Primary Metals $527,800 1
Fabricated Metals $5,723,348 82
Industrial Machinery $1,961,069 12
Electronics na 1
Transportation Equipment $1,747,349 9
Instruments $100,000 5
Misc Manufacturing $622,158 4
Interurban Transportation $114,000 1
Motor Freight Transportation $8,422,822 39
Water Transportation $702,000 2
Air Transportation na 2
Transportation Services $1,171,021 29
Communication Services $607,000 2
Refuse Services $93,600 51
Wholesale Trade $6,731,611 45
Building Materials and Garden Stores $409,843 7
General Merchandise Stores $146,969 14
Food Stores $3,469,074 48
Auto Dealers $4,232,000 19
Apparel Stores $4,213,252 25
Home Furnishing Stores $802,713 13
Eating & Drinking Places $7,056,844 259
Misc Retail $5,830,012 57
Banking and Credit $95,000 1
Real Estate $111,039 13
Personal Services $798,193 61
Business Services $5,107,110 91
Auto Repair and Services $1,550,287 38
Misc Repair Services $1,523,114 5
Motion Pictures and Video Production $194,410 6
Amusement and Recreation $294,748 12
Health Care $1,989,843 43
Legal Services $442,225 16
Educational Services $14,450 3
Social Services $786,790 40
Membership Organizations $5,593,403 14
Professional Services $1,824,723 19
Other Services $2,155,198 31
FIGURE 2
COMPANIES PARTICIPATING IN CAPITAL ACCESS PROGRAM
BY INDUSTRY TYPE
Note: Figure includes only the 438 companies out of 908 total with sufficient
information to be included in the analysis.
Page 10 of 19
The impacts of these companies stem from two sources. First, companies purchase a variety of goods and
services from vendors within the state creating additional demand, jobs and payroll. The amount and type
of local purchases depends on the industry type of the participating company. Second, company
employees, as well as supported vendor employees, make local purchases of consumer goods. This
creates additional demand and supports additional employment and payroll, primarily at retail and
personal services establishments.
NBA Hornets Revenue Guarantee
Due to the devastation caused by Hurricane Katrina in New Orleans in September 2005, Oklahoma City
was approached by the New Orleans Hornets and the National Basketball Association (NBA) to play their
2005-06 season at the Ford Center in Oklahoma City. This temporary relocation created significant
economic benefits for the city and the state. To assist in this effort, OCIB participated in a $10 million
revenue guarantee put in place to recruit the team to Oklahoma.
The team played 38 home games in Oklahoma City that year with average attendance of 18,737 per game.
This resulted in $45.6 million of direct game spending by both residents and out of town attendees. In
addition, the 100 players and staff of the NBA Hornets spent an estimated 10 percent of their $60 million
payroll in Oklahoma during the season. Both of these types of spending support local businesses and
create economic impacts. Although the Hornets stayed in Oklahoma for a second season, the impact
results were only included for the initial year. It is likely that the Hornets would not have been in
Oklahoma for the second season without OCIB’s support during the initial season, but we have again
elected to be conservative with our analysis
Economic Impact Results
The economic impact results presented here are grouped into direct impacts and total impacts (Figures 3,
4 and 5). Direct output represents the value of production at participating companies. Direct jobs and
payroll were provided by OCIB and represent the number of jobs and amount of payroll at the companies
participating in the program in a given year. These companies and their employees in turn make
additional local purchases that are captured in the total impact estimates. The total impact includes both
the direct impacts and the secondary, or indirect and induced impacts created at other local businesses and
their employees.
The magnitude of the impact is proportional to the number of companies participating in any given year,
the size of those companies, and the types of industries. Some industries generate a much greater
multiplier effect than others, depending on the amount of local purchases they are able to make.
Page 11 of 19
Number of
New Participating
Year Investment Companies Output Jobs* Payroll Output Jobs Payroll
1993 $250,000 1 $202,519 3 $108,000 $379,100 4 $165,972
1994 $0 1 $247,523 4 $132,000 $463,345 5 $202,855
1995 $9,380,000 2 $11,464,572 311 $3,932,000 $18,596,561 442 $6,213,700
1996 $13,232,000 5 $14,678,245 391 $5,570,000 $24,513,137 582 $8,707,574
1997 $12,445,000 9 $23,922,810 604 $9,193,000 $40,735,787 921 $14,667,222
1998 $22,369,248 12 $67,446,900 1,093 $26,161,000 $116,481,101 1,735 $42,093,773
1999 $21,383,026 13 $83,250,105 1,056 $28,822,000 $141,849,851 1,695 $47,613,227
2000 $9,134,000 10 $74,994,985 788 $22,208,000 $125,393,629 1,295 $38,092,263
2001 $1,066,000 8 $46,741,689 694 $17,388,000 $78,988,681 1,066 $27,768,626
2002 $4,000,000 8 $33,468,742 594 $12,453,000 $56,173,296 903 $19,987,501
2003 $464,000 8 $27,497,436 507 $9,370,000 $45,356,603 754 $15,158,433
2004 $5,080,000 8 $33,434,836 532 $10,899,000 $54,341,257 773 $17,658,880
2005 $489,000 8 $34,691,742 532 $11,408,000 $56,443,819 777 $18,438,121
2006 $8,922,000 10 $38,791,947 629 $12,918,000 $64,408,684 958 $21,149,223
2007 $4,866,000 11 $35,848,268 543 $12,077,667 $59,626,903 808 $19,756,473
2008 $10,031,000 14 $59,314,050 556 $14,622,667 $95,331,797 1,019 $27,071,157
2009 $9,117,000 11 $45,967,072 555 $15,731,333 $77,495,321 826 $24,740,554
2010 $2,709,000 14 $44,558,384 513 $14,684,606 $74,331,614 745 $23,261,312
2011 $3,088,700 14 $18,617,585 503 $7,100,803 $30,496,921 730 $9,980,912
Total $138,025,974 na $695,139,412 10,408 $234,779,076 $1,161,407,405 16,039 $382,727,777
FIGURE 3
*Represents the sum of jobs at participating companies over 18 years. Jobs at individual firms may be included multiple times
if they participated in multiple years and maintained the same level of employment.
Direct Impacts Total Impacts
ECONOMIC IMPACTS OF OCIB VENTURE INVESTMENT PROGRAM
ON THE STATE OF OKLAHOMA
Current Dollars
VENTURE FUND INVESTMENTS
All total, the venture investment program created an economic impact of $1.2 billion in Oklahoma from
1993 to 2011. The companies assisted through this program created an increase in demand of $466.3
million that supported $147.9 million in payroll and over 5,600 jobs-years at other local businesses
through their supplier purchases and purchases made by employees. These economic impacts are in
addition to the cumulative impacts of 10,400 jobs-years and $234.8 million in payroll that were supported
by the companies directly.4
The venture capital program has supported nine locally Oklahoma based venture firms. Annual
employment related to these firms has ranged from 4 to 21 over the past 18 years. Over the life of the
program, these companies have created a total economic impact of $68.1 million on the Oklahoma
economy, supporting $26.5 million in total payroll at the venture firms and other supported local
businesses.
4 Note that jobs are counted in job-years and include total employment in each year a company participated in the
program.
Page 12 of 19
Year Output Jobs Payroll Output Jobs Payroll
1993 $351,427 4 $152,935 $660,574 6 $258,765
1994 $360,677 4 $156,961 $677,962 6 $265,576
1995 $369,928 4 $160,986 $695,350 6 $272,387
1996 $879,597 9 $382,786 $1,653,371 15 $647,670
1997 $1,752,193 16 $762,525 $3,293,584 27 $1,290,186
1998 $1,794,222 16 $780,815 $3,372,584 28 $1,321,132
1999 $1,836,250 16 $799,105 $3,451,584 28 $1,352,078
2000 $2,020,651 17 $879,353 $3,798,201 30 $1,487,858
2001 $1,950,866 16 $848,984 $3,667,027 29 $1,436,473
2002 $2,291,481 18 $997,214 $4,307,278 34 $1,687,277
2003 $2,334,243 18 $1,015,823 $4,387,658 34 $1,718,764
2004 $2,224,048 17 $967,868 $4,180,525 32 $1,637,624
2005 $2,574,664 19 $1,120,450 $4,839,576 37 $1,895,792
2006 $2,385,815 17 $1,038,266 $4,484,598 33 $1,756,738
2007 $2,663,066 21 $1,158,921 $4,861,879 39 $1,849,238
2008 $2,659,111 19 $1,157,200 $4,854,660 37 $1,846,492
2009 $2,694,349 19 $1,172,535 $4,917,661 37 $1,889,825
2010 $2,781,982 19 $1,210,671 $5,077,606 37 $1,951,291
2011 $2,693,957 18 $1,172,365 $4,916,946 36 $1,889,550
Total $36,618,527 na $15,935,761 $68,098,626 na $26,454,718
Note: Direct payroll estimated based on average occupational wages for Oklahoma from the
Oklahoma Employment Security Commission, "Oklahoma Wage Report", 2002-2011.
Direct Impacts Total Impacts
FIGURE 4
ECONOMIC IMPACTS OF OCIB VENTURE INVESTMENT PROGRAM
ON THE STATE OF OKLAHOMA
Current Dollars
VENTURE FIRMS
Page 13 of 19
Number of
Participating
Year Companies Output Jobs Payroll Output Jobs Payroll
1992 7 $5,773,427 33 $1,456,153 $9,645,003 74 $2,847,216
1993 49 $28,149,166 252 $8,918,609 $49,418,972 488 $16,263,636
1994 33 $11,991,272 172 $3,479,294 $22,108,418 280 $6,812,613
1995 32 $16,670,689 163 $4,536,727 $31,958,524 325 $9,585,705
1996 32 $6,785,043 99 $2,614,332 $12,298,954 162 $4,530,894
1997 33 $6,697,841 104 $2,596,747 $11,949,080 166 $4,501,759
1998 39 $6,053,596 90 $1,979,654 $10,505,961 140 $3,515,468
1999 17 $3,061,350 48 $1,191,809 $5,380,843 75 $2,045,005
2000 36 $8,899,885 124 $3,361,710 $15,657,184 202 $5,808,408
2001 15 $2,015,252 23 $659,246 $3,525,733 40 $1,196,876
2002 7 $975,902 8 $279,661 $1,686,029 15 $527,325
2003 10 $3,818,957 26 $887,851 $6,488,022 53 $1,785,932
2004 12 $1,911,947 21 $763,385 $3,351,334 38 $1,295,092
2005 14 $1,406,307 20 $533,292 $2,477,893 32 $899,655
2006 15 $10,091,970 71 $4,023,115 $15,474,960 141 $5,762,101
2007 13 $1,805,218 22 $564,124 $3,018,995 34 $940,950
2008 20 $3,782,472 49 $1,497,252 $6,120,617 69 $2,204,179
2009 23 $4,869,070 51 $1,498,068 $8,334,492 80 $2,599,668
2010 23 $5,006,312 66 $1,970,681 $8,493,791 98 $3,093,316
2011 9 $3,161,156 19 $937,329 $4,941,716 32 $1,447,999
Total 407 $132,926,832 1,461 $43,749,040 $232,836,519 2,547 $77,663,796
Direct Impacts Total Impacts
FIGURE 5
ECONOMIC IMPACTS OF OCIB CAPITAL ACCESS PROGRAM
ON THE STATE OF OKLAHOMA
Current Dollars
All total, the capital access program created an economic impact of $232.8 million in Oklahoma from
1992 to 2011. The companies assisted through this program created an increase in demand of $99.9
million that supported $33.9 million in payroll and about 1,090 jobs at other local businesses through
their supplier purchases and purchases made by employees. These economic impacts are in addition to
the 1,500 employees and $43.7 million in payroll that were created by these companies directly.
Along with the on-going impacts of the venture capital and capital access programs, OCIB was also able
to support the significant impacts created by the NBA Hornets during the 2005-06 season in Oklahoma
City. Note that these impacts are not included in the figures above. Although this represents a non-recurring
impact, it was significant in the 2005-06 fiscal year. The total economic impact of the NBA
Hornets is estimated at $71.0 million. This includes direct game spending generating increased demand
of $45.6 million. There was also an estimated $6 million in direct payroll spending that created an
economic impact of $25.4 million and supported 229 jobs (100 direct, 129 indirect and induced).5
The secondary impacts described above are called multiplier effects. Multiplier effects are a way of
representing the larger economic effects on the local economy. The multiplier effects translate an
5 Note that impacts results for NBA Hornets are based on analysis by City of Oklahoma City, not Applied
Economics.
Page 14 of 19
increase in output (loosely defined for service industries as sales, less profits) into a corresponding
increase in jobs and personal income or payroll. In essence, the multiplier effect represents the recycling
of local spending. This recycling process creates new business opportunities.
The multipliers used in this analysis are from IMPLAN, a national vendor of economic impact software,
and are specific to Oklahoma. Industry specific multipliers were used for each type of participating
company. The variation in multipliers between the specific industry types is due to the different mix of
secondary industries that are affected since multipliers are industry-specific.
On average, the output multiplier for the venture investment program is 1.67. This means that for every
$1 million of production by the participating companies, an additional $670,000 in additional economic
activity is generated in the local economy, along with 8 jobs at related businesses. On average, the
income from these jobs is about $26,300 per employee.
On average, the output multiplier for the capital access program is 1.75. This means that for every $1
million of production by the participating companies, an additional $750,000 in additional economic
activity is generated in the local economy, along with 8 jobs at related businesses. On average, the
income from these jobs is about $31,300 per employee.
A summary of the impacts of the two on-going OCIB programs and the NBA Hornets guarantee are
shown in Figure 6. The impact of the venture capital firms themselves is included within the venture
investment program results. The venture investment program has the larger impact of the two programs
due to several factors:
• The venture investment program includes all employment, not just new employment.
However, most of these are start up or young companies, and thus the bulk of the jobs created
are new. As a result, the average number of direct jobs attributed to companies in the venture
investment program is larger. In general, the capital access program includes many very small
companies.
• Companies in the venture investment program may be counted multiple times, once for each
year they were an active Oklahoma company, whereas companies in the capital access program
are only counted in the single year in which they receive a loan. It is very likely that many of
the companies that participated in the capital access program over the past 19 years are still in
operation in Oklahoma, but their information has not been provided to OCIB on an on-going
basis. As a result, the cumulative impacts of the companies in the capital access program are
understated.
• Despite the overall difference in magnitude of impacts between the two programs, the capital
access program actually has a higher average multiplier due to the larger share of manufacturing
companies versus services. Manufacturers typically make more supply purchases than service
providers due to their material-intensive nature.
• Figure 6 also includes the economic impact of the NBA Hornets loan guarantee, which
produced a significant economic impact during the 2005/2006 season. The impacts of the
Hornets include both the impacts of the Hornets organization and their employees, as well as
the impacts of tourism spending by game attendees.
Page 15 of 19
FIGURE 6
TOTAL OCIB ECONOMIC IMPACT BY PROGRAM
1992-2011
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Investment Total Output Total Payroll
Venture Investment Capital Access Hornets Guarantee
Millions
Page 16 of 19
4.0 REVENUE IMPACTS
In addition to creating a substantial economic impact in Oklahoma, the new jobs generated by OCIB
programs also result in additional tax revenues to the state. This analysis quantifies the revenue impacts
created by employees through state sales and personal income taxes. The results shown here include the
Capital Access Program, the Venture Fund Investments and Venture Firms and the NBA Hornets.
Employees at participating companies, and other local employees that are supported by the additional
economic activity, pay state personal income taxes on their earnings, as well as state sales taxes on a
portion of their local purchases. Using the program data and the results from the economic impact
analysis, it is possible to estimate the revenue impacts. All total, direct and indirect employees supported
by OCIB companies have generated an estimated $24.1 million in state revenues since 1992 (Figure 7).
This impact does not include additional sales and corporate income taxes paid by the companies directly
to the state of Oklahoma. This information was not reported to OCIB by the participating firms.
NBA Hornets NBA Hornets
Year Sales Tax
Personal
Income Tax Sales Tax
Personal
Income Tax Sales Tax Sales Tax
Personal
Income Tax Sales Tax
Personal
Income Tax Sales Tax
1992 $20,313 $64,265 $0 $0 $0 $39,719 $120,989 $0 $0 $0
1993 $124,415 $369,690 $3,640 $11,235 $0 $226,878 $660,282 $5,925 $18,391 $0
1994 $48,536 $108,887 $4,031 $12,297 $0 $95,036 $240,250 $6,535 $20,288 $0
1995 $63,287 $171,361 $57,097 $74,604 $0 $133,721 $371,217 $90,481 $142,038 $0
1996 $36,470 $96,318 $83,041 $135,843 $0 $63,206 $171,497 $130,506 $228,511 $0
1997 $36,225 $92,953 $138,880 $250,504 $0 $62,800 $168,110 $222,606 $422,886 $0
1998 $27,616 $65,726 $375,838 $950,274 $0 $49,041 $126,407 $605,638 $1,542,806 $0
1999 $16,626 $42,533 $413,214 $1,115,377 $0 $28,528 $76,310 $683,066 $1,866,769 $0
2000 $46,896 $122,026 $322,069 $861,923 $0 $81,027 $216,925 $552,143 $1,505,073 $0
2001 $9,196 $24,598 $254,406 $643,064 $0 $16,696 $45,472 $407,411 $1,050,747 $0
2002 $3,901 $11,325 $187,630 $429,478 $0 $7,356 $21,171 $302,363 $717,290 $0
2003 $12,386 $35,650 $144,882 $305,045 $0 $24,914 $71,510 $235,437 $528,528 $0
2004 $10,649 $31,339 $165,543 $374,335 $0 $18,067 $51,917 $269,186 $653,189 $0
2005 $7,439 $19,191 $174,772 $409,708 $0 $12,550 $33,197 $283,658 $706,048 $0
2006 $56,122 $183,322 $194,690 $422,308 $270,000 $80,381 $241,363 $319,538 $729,956 $270,000
2007 $7,870 $19,268 $184,650 $426,822 $0 $13,126 $33,741 $301,400 $735,933 $0
2008 $20,887 $56,158 $220,129 $560,822 $0 $30,748 $84,203 $403,401 $1,026,458 $0
2009 $20,898 $55,134 $235,809 $623,177 $0 $36,265 $100,114 $371,494 $1,003,397 $0
2010 $27,491 $68,754 $221,739 $555,195 $0 $43,152 $111,476 $351,716 $916,686 $0
2011 $13,076 $40,144 $115,411 $142,584 $0 $20,200 $60,137 $165,593 $193,707 $0
Total $610,299 $1,678,643 $3,497,472 $8,304,592 $270,000 $1,083,410 $3,006,286 $5,708,096 $14,008,700 $270,000
Note: Total revenue impacts include direct revenues.
Capital Access Venture Investment
Total Impacts
FIGURE 7
REVENUE IMPACTS OF OCIB PROGRAM
Capital Access Venture Investment
Direct Impacts
Supported direct and indirect employees associated with OCIB programs generated about $6.8 million in
state sales tax revenues, or an average of $340,000 per year. This includes sales taxes generated by direct
employees at participating companies and employees at supported local businesses. Taxable employee
expenditures are calculated by multiplying total personal income times 31 percent, times the state sales
tax rate of 4.5 percent.6 An additional $270,000 in state sales tax revenues accrued during the 2005-06
Hornets season from NBA Hornets players and other employees who spent an estimated 10 percent of
their income in Oklahoma.
6 According to the Census Bureau Consumer Expenditure Survey, persons in the average income range of supported employees
spend about 31 percent of their income on taxable goods.
Page 17 of 19
Employees at participating companies and at supported local businesses also pay personal income taxes in
Oklahoma estimated at $17.0 million since 1992, or an average of $851,000 per year. State income tax
revenues are calculated using the average personal income per employee for direct and indirect
employees, adjusted for a standard deduction and personal exemption, times the graduated state tax rate
schedule times the number of employees.
Both the venture capital and capital access program create significant annual impacts on the Oklahoma
economy. The Oklahoma Capital Investment Board not only helps to start and expand local companies,
but also supports job growth at other local supplier companies. In addition, these new jobs generate
increased payroll, spending and tax revenues that support the state’s economy.
Page 18 of 19
APPENDIX
IMPACT RESULTS FOR 2001 TO 2011
Page 19 of 19
Year Output Jobs Payroll Output Jobs Payroll
2001 $2,015,252 23 $659,246 $3,525,733 40 $1,196,876
2002 $975,902 8 $279,661 $1,686,029 15 $527,325
2003 $3,818,957 26 $887,851 $6,488,022 53 $1,785,932
2004 $1,911,947 21 $763,385 $3,351,334 38 $1,295,092
2005 $1,406,307 20 $533,292 $2,477,893 32 $899,655
2006 $10,091,970 71 $4,023,115 $15,474,960 141 $5,762,101
2007 $1,805,218 22 $564,124 $3,018,995 34 $940,950
2008 $3,782,472 49 $1,497,252 $6,120,617 69 $2,204,179
2009 $4,869,070 51 $1,498,068 $8,334,492 80 $2,599,668
2010 $5,006,312 66 $1,970,681 $8,493,791 98 $3,093,316
2011 $3,161,156 19 $937,329 $4,941,716 32 $1,447,999
Total $38,844,563 376 $13,614,005 $63,913,582 633 $21,753,092
Year Output Jobs* Payroll Output Jobs Payroll
2001 $48,692,555 710 $18,236,984 $82,655,708 1,096 $29,205,099
2002 $35,760,223 612 $13,450,214 $60,480,574 937 $21,674,778
2003 $29,831,679 525 $10,385,823 $49,744,261 788 $16,877,196
2004 $35,658,884 549 $11,866,868 $58,521,782 805 $19,296,504
2005 $37,266,407 551 $12,528,450 $61,283,396 813 $20,333,913
2006 $41,177,763 646 $13,956,266 $68,893,282 991 $22,905,960
2007 $38,511,333 564 $13,236,588 $64,488,782 846 $21,605,712
2008 $61,973,162 575 $15,779,867 $100,186,456 1,055 $28,917,650
2009 $48,661,422 574 $16,903,868 $82,412,982 863 $26,630,379
2010 $47,340,366 531 $15,895,278 $79,409,220 783 $25,212,603
2011 $21,311,542 520 $8,273,168 $35,413,867 766 $11,870,462
Total $446,185,335 6,356 $150,513,373 $743,490,310 9,744 $244,530,257
Year Output Jobs Payroll Output Jobs Payroll
2001 $50,707,807 733 $18,896,230 $86,181,440 1,136 $30,401,975
2002 $36,736,124 620 $13,729,875 $62,166,603 952 $22,202,103
2003 $33,650,636 551 $11,273,674 $56,232,283 841 $18,663,128
2004 $37,570,831 570 $12,630,253 $61,873,116 843 $20,591,596
2005 $38,672,714 571 $13,061,742 $63,761,289 845 $21,233,568
2006 $51,269,733 717 $17,979,381 $84,368,242 1,133 $28,668,061
2007 $40,316,551 586 $13,800,712 $67,507,777 880 $22,546,661
2008 $65,755,633 624 $17,277,119 $106,307,073 1,124 $31,121,829
2009 $53,530,492 625 $18,401,936 $90,747,474 943 $29,230,047
2010 $52,346,678 597 $17,865,959 $87,903,012 880 $28,305,919
2011 $24,472,698 539 $9,210,497 $40,355,584 799 $13,318,461
Total $485,029,897 6,732 $164,127,378 $807,403,892 10,377 $266,283,349
Total Impacts Total Impacts
Combined Programs
*Represents the sum of jobs at participating companies over 18 years. Jobs at individual firms may
be included multiple times if they participated in multiple years and maintained the same level of
employment.
Venture Investment Program
ECONOMIC IMPACTS OF OCIB PROGRAM
ON THE STATE OF OKLAHOMA
JAN 2001 TO JUN 2011
Direct Impacts Total Impacts
Capital Access Program
Venture Fund Investments and Venture Firms
Direct Impacts Total Impacts